Govt plans to extend Help to Buy property support scheme

The government is drawing up plans for an extension to the Help to Buy property support scheme.

The extension will take the scheme beyond its December deadline in an attempt to prevent buyers from losing out to COVID-19 delays.

Legal & General Mortgage Club head of broker relationships & propositions Craig Hall said today’s news “will give developers much more certainty around which planned sites will still be eligible for the current scheme”.

“This will be particularly important as many housebuilders will be revising their timetables for completion in light of the impact of the COVID-19 lockdown. An extension will also help to support the growing demand for Help to Buy amongst homebuyers, including buyers with smaller deposits who now face a much more limited choice of high loan-to-value mortgages. These buyers are seeking out the support of independent mortgage advisers to find alternative solutions and Help to Buy is one route that a growing number of buyers are planning to use. In fact, our research shows 13% of first-time buyers now plan to use the scheme, who previously hadn’t considered Help to Buy before the current crisis.”  

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